Decision details

Cabinet approved:

a)    the transfer of £0.368m to a new earmarked reservefor Health & Safety requirements as detailed in the paragraph 53 and Appendix B; 

b)   the allocation of the £5.705m underspend to invest in highways improvements works; 

c)    a further allocation of £5m of Community Infrastructure Levy (CIL) to increase the investment in highways improvements to £10.705m; 

d)   that the balance of £0.281m from the Business Plan Priority reserve be allocated to fund additional highways litter picking activity in 2024/25 and Armed Forces Covenant in 2023/24 and 2024/25. 

e)    the transfer of £0.181m to a new earmarked reservefor Local Nature Recovery Strategy (LNRS)as detailed in the paragraph 87 and Appendix B; 

Cabinet noted: 

f)     the general fund revenue budget outturn position for the financial year 2023/24; 

g)   the Dedicated Schools revenue budget outturn position for the financial year 2023/24; 

h)   the Housing Revenue Account outturn position for the financial year 2023/24; 

i)     the contributions to and from earmarked reserves as planned and detailed in Appendix B; 

j)     the final year end position of savings delivery. 

Reason for Proposals 

To inform effective decision making and ensure sound financial management as part of the Councils overall control environment.  

To inform Cabinet on the financial year end revenue outturn position for the Council for the financial year 2023/24, including delivery of approved savings. 

To improve the Councils financial resilience by increasing the balance on the General Fund reserve and setting aside funds in earmarked reserves to prudently assist in managing the Councils financial risks and future pressures.